Barclays Bank charged for £12bn Qatari loans

Posted - February 12 201816:29

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Barclays Bank charged for £12bn Qatari loans

"The charges relate to financial assistance Barclays Bank Plc gave to Qatar Holding LLC between 1 October and 30 November 2008, which was in the form of a $3 billion loan for the goal of directly or indirectly acquiring shares in Barclays Plc", the SFO said in a statement on Monday.

Last June the SFO charged Barclays' holding company and four former senior executives with conspiracy to commit fraud.

Both Barclays and its bank unit said they will defend themselves against the charges.

In order to avoid asking the United Kingdom government for a taxpayer bailout, Barclays raised nearly £12bn from investors in the Middle East, including the Qatari state sovereign wealth fund, to help it weather the storm.

"Barclays does not expect there to be an impact on its ability to serve its customers and clients as a outcome of the charge having been brought", the company said in a statement. The SFO opened an investigation into the deal in 2012 and has since charged several former executives and Barclays Plc over the fundraising.

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